The Federal government has caved in to the demand by the organised labour by slashing the pump price of petrol by N5.
The new petrol price pegged at N162.44 would take effect from December 14, 2020.
These were made known to newsmen by the Minister of Labour and Employment, Chris Ngige at the end of a meeting with labour leaders early on Tuesday morning.
According to him: “Our discussion was fruitful and the Nigerian National Petroleum Corporation (NNPC) which is the major importer and marketers of petroleum products and customers have agreed that there will be a slide down, of the pump price of PMS and that the price cut will get us about N5 per litre and that the price cut will take effect from next Monday, a week today.”
The minister however noted that the price reduction is not meant to suspend deregulation because it did not affect the price of crude oil but on areas where the NNPC as the main importer has agreed that it cut cost like frieght cost and demurrage.
On the aspect of electricity tariff, both sides agreed to wait till next meeting date of January 25 to enable the special committee dealing with complaints to conclude their deliberations.